Kuwait Reinsurance Company K.S.C.P recorded an increasing turnover by 40% for the first nine months of 2018. The gross written premiums rose, henceforth, from 29.77 million KWD (98.5 million USD) by the end of September 2017 to 41.6 million KWD (137.7 million USD) one year later.
Up by 7%, the net profit increased from 2.78 KWD (9.2 million USD) in 2017 to 2.97 million KWD (9.830 million USD) twelve months later. The combined ratio also improved by two points, from 98% to 96%.
The shareholder's equity continued to grow steadily to be set at 48.62 million KWD (161 million USD) by September 30, 2018, against 45.95 million KWD (152 million USD) the previous year.
Dawoud Al-Duwaisan, CEO of Kuwait Re commented: “The reinsurance market is facing many challenges, yet approached with the right attitude, those challenges can be mitigated. We have maintained our disciplined approach to underwriting, prudent risk management, and are aiming to build and maintain long-term relationships with our partners by being approachable, professional, and agile. It is only with the support of our sincere partners, that we were able to achieve such consistent results”.
Established in 1972, Kuwait Re is a leading reinsurance in the Middle-East, and enjoys an A.M. Best credit rating of (A-), with a stable outlook.
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